一、主讲人：Jing Xie，新加坡国立大学博士，香港大学硕士，中国科技大学学士。2014年1月-6月在波士顿大学卡罗尔管理学院访问交流。研究领域包括证券投资、实证公司金融。

二、主题：Stock-Picking by Mutual Funds: Evidence from Their Trades in Family-Controlled Firms

The paper study how mutual funds invest in public family firms where founding family members retain a significant portion of shares. Mutual fund managers may decide to deviate from a well-diversified portfolio and concentrate their holdings in stocks where fund managers have information advantages. Then explore the relation between portfolio concentration in family firms and performance of actively managed U.S. mutual funds from 2001 to 2010 and find that funds that concentrate their holdings in family firms outperform other funds. Moreover, trading by these concentrated funds prior to family firms’ earnings announcements is highly profitable, consistent with the notion that these funds are better informed. I also find that information advantages of these concentrated funds decrease after the Sarbanes–Oxley Act (SOX) that improves quality and quantity of corporate disclosure.

三、时间：2015年1月21日，星期三上午，9:00-10:00

四、地点：中央财经大学学院南路校区主教学楼913会议室